Mercedes-Benz revised down its full-year profit outlook for the second time in under two months, following a continued slump in sales volumes in China, the world’s largest car market. The German luxury carmaker cited ongoing weakness in Chinese demand for premium vehicles for the adjustment.

FedEx cuts its fiscal-year outlook following weaker-than-expected fiscal first-quarter earnings, while Nike stock rallies after the company announces CEO John Donahoe will be retiring.

FedEx Corp ( NYSE:FDX) has implemented significant new pricing actions, including demand and fuel surcharges, which are expected to benefit future quarters. The rollout of Network 2.0 and the redesign of the global air network (Tricolor) are well underway, aimed at increasing network flexibility and lowering costs.

FedEx came up short on top and bottom lines, and guidance revisions suggest there is more bad news to come in fiscal 2025.

Shares in FedEx (FDX) fell after the package-shipping company cut its full-year financial outlook. Late Thursday, FedEx also posted lower quarterly profit and revenue. Weaker-than-expected demand, particularly in the U.

FedEx reported revenue of $21.6 billion and adjusted earnings of $3.60 per share, well below our estimates of $22.1 billion, and $4.90, respectively.

The package-delivery giant said reduced demand for priority services and higher operating costs weighed on results.